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S&P CoreLogic Case-Shiller Home Price Indices Increased 0.1% in September
S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for September 2019 show that home prices continue to increase at a modest rate across the U.S.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.2% annual gain in September, up from 3.1% in the previous month. The 10-City Composite annual increase came in at 1.5%, no change from the previous month. The 20-City Composite posted a 2.1% year-over-year gain, up from 2.0% in the previous month.
Phoenix, Charlotte and Tampa reported the highest year-over-year gains among the 20 cities. In September, Phoenix led the way with a 6.0% year-over-year price increase, followed by Charlotte with a 4.6% increase and Tampa with a 4.5% increase. Ten of the 20 cities reported greater price increases in the year ending September 2019 versus the year ending August 2019.
Before seasonal adjustment, the National Index posted a month-over-month increase of 0.1% in September. The 10-City Composite did not post any gains and the 20-City Composite posted a 0.1% increase for the month. After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase in September. The 10-City Composite posted a 0.2% increase and the 20-City Composite posted a 0.4% increase. In September, 12 of 20 cities reported increases before seasonal adjustment while 17 of 20 cities reported increases after seasonal adjustment.
"September’s report for the U.S. housing market is reassuring,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “The national composite index rose 3.2% relative to year-ago levels, with smaller increases in our 10- and 20-city composites. Of the 20 cities in the composite, only one (San Francisco) saw a year-over-year price decline in September.
“After a long period of decelerating price increases, it’s notable that in September both the national and 20-city composite indices rose at a higher rate than in August, while the 10-city index’s September rise matched its August performance. It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend.
“At a regional level, Phoenix retains the top spot for the fourth consecutive month with September’s 6.0% year-over-year gain. The Southeast region was also strong, as Charlotte, Tampa, and Atlanta all rose at greater than a 4.0% clip.”
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, recorded a 3.2% annual gain in September 2019. The 10-City and 20-City Composites reported year-over-year increases of 1.5% and 2.1%, respectively. As of September 2019, average home prices for the MSAs within the 10-City and 20-City Composites are back to their winter 2007 levels.
Posted: November 26, 2019 Tuesday 09:00 AM